Newport News property sells for $2.4 million
- June 6, 2019
A Newport News shopping center has a new owner.
Riverside Hospital Inc. bought in April for $2.375 million the Brentwood Shopping Center at 10500 Jefferson Ave. in Newport News, according to a city property record. The 5.1-acre site is home to a 46,920-square-foot building.
The Riverside Health System has leased around 37,000 square feet at the property since 2004, says Tracey Dowling of Riverside Health System. Other tenants at the shopping center include a home goods store, a tax service and a kitchen remodeler.
Dowling says Riverside had a long-term lease on the property until 2026. The acquisition of the Jefferson Avenue property came about because Riverside exercised its first right of refusal to buy the property as part of its lease agreement, Dowling says.
Riverside uses the property for its residency programs for family medicine and obstetrics and gynecology (OB/GYN). The residency programs have graduated a combined 633 residents since their inceptions.
Riverside touts the residency programs as boons to community because physicians typically remain in the areas of the residency programs from which they graduate. The residency programs at Brentwood have partnered with organizations such as Peninsula Community Health Collaborative and Peninsula Food Bank on issues like nutrition and food insecurities for patients diagnosed with diabetes.
Harvey Lindsay Commercial Real Estate’s Bob Saunders and Clark Baldwin handled the transaction.